QTP

Nhiệt điện Quảng Ninh ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 10.14%, +5.11pp YoY

Price

12,000

Latest close

04 Jun 2026

P/E 5.02x

P/B 0.95x

EPS 2,390

BVPS 12,615

ROE 19.7%

ROA 15.1%

Profit Margin 10.1%

Asset Turnover 1.49x

Equity Mult. 1.31x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, QTP posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. The point still to be proven is whether this new profit level can hold once the low-base effect fades.

	                            
	                                TTM REVENUE
	                            
	                                    VND 10,607bn
	                                
−10.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,076bn
	                                
+81.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	10,785.8	11,908.4	12,058.2	10,417.2	8,455.4
Growth	-9%	-1%	+16%	+23%	—
Net Income	1,035.9	619.3	611.9	764.1	476.7
Net Margin	9.60%	5.20%	5.07%	7.34%	5.64%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,733.9	2,953.2	2,056.4	2,864.0	2,912.2	2,884.1	2,386.3	3,628.2	3,009.8	2,847.2	2,507.4	3,708.4
Growth	-7%	+44%	-28%	-2%	+1%	+21%	-34%	+21%	+6%	+14%	-32%	—
Net Income	197.2	655.1	33.0	190.6	172.6	185.3	76.1	160.4	226.5	210.6	11.6	248.4
Net Margin	7.21%	22.18%	1.60%	6.65%	5.93%	6.43%	3.19%	4.42%	7.53%	7.40%	0.46%	6.70%

Drivers of QTP's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 726.4bn

Tax ↑ 215.1bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher financial income. Supporting and offsetting drivers:

Financial income ↑ 13.5bn

Gross profit ↑ 12.7bn

Tax ↑ 6.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 11.2% = 5.0% × 1.66 × 1.34

2026Q1 19.7% = 10.1% × 1.49 × 1.31

ROE rose from 11.2% to 19.7% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 10.1% +5.1pp Asset turnover: 1.49x -0.17x Leverage: 1.31x -0.03x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 10.14%, rising 5.1pp. Core operating signals are improving as Gross margin rose 7.6pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (with lingering pressure from Net financial result / Revenue fell 0.2pp and Other profit / Revenue fell 0.0pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 10.14% +5.1pp

Gross Margin 14.50% +7.6pp

SG&A / Revenue 1.12% +0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 10.17% +5.1pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.31x equity, net debt at 0.00x equity.

Over the last 12 months, working capital released 183.5bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −108.7bn

Inventories decreased → higher CFO: +189.6bn

Payables increased → higher CFO: +102.6bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 13.0 days versus the same period last year. The main moves came from DIO rose 5.3 days, DSO rose 14.3 days, and DPO rose 6.6 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 93.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +14.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 108.5 days +14.3 days

Inventory 32.6 days +5.3 days

Payables 47.6 days +6.6 days

Cash Conversion Cycle 93.5 days +13.0 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity 0.00x −0.02x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.55x +0.06x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,705.2bn in 2025, against investing cash flow of -935.5bn.

Post-investment cash flow was positive +769.7bn. Financing cash flow was negative +732.6bn.

CFO / net income was 1.55x.

After spending +9.8bn on fixed-asset investment, the business generated trailing free cash flow of +1,659.1bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 1,668.9bn +781.8bn

Cash Capex 9.8bn −3.3bn

FCF TTM +1,659.1bn +785.1bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 5.1 pp. The next item to monitor is capital efficiency.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 10.14% after expanding 5.1pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	10,785.8	11,908.4	12,058.2	10,417.2	8,455.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	10,785.8	11,908.4	12,058.2	10,417.2	8,455.4
Cost of Goods Sold	9,275.0	11,084.6	11,241.1	9,336.1	0.0
Gross Profit	1,510.8	823.8	817.1	1,081.1	708.7
Financial Income	29.1	6.5	22.7	33.5	82.4
Financial Expenses	81.4	25.0	77.5	193.0	-194.8
Interest Expense	10.1	20.8	57.5	133.2	-194.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	124.8	114.6	113.7	112.7	-90.3
Operating Profit	1,333.6	690.7	648.5	808.9	506.0
Other Income	4.0	3.8	2.6	2.0	0.0
Other Expenses	6.4	6.0	6.8	6.1	0.0
Other Profit	-2.3	-2.2	-4.1	-4.1	-3.9
Profit Before Tax	1,331.3	688.5	644.4	804.8	502.0
Current Income Tax Expense	295.4	69.2	32.5	40.7	-25.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1,035.9	619.3	611.9	764.1	476.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1,035.9	619.3	611.9	764.1	476.7
Earnings per Share	2,302.00	1,376.00	1,360.00	1,698.00	370.00
Diluted EPS	2,302.00	1,376.13	1,360.00	1,698.08	1,059.27

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,588.8	4,550.0	3,944.4	3,732.5	3,534.7
I. Cash and cash equivalents	72.7	35.5	157.7	23.9	205.8
1. Cash	72.7	35.5	45.7	23.9	0.0
2. Cash equivalents	—	0.0	112.0	0.0	0.0
II. Short-term financial investments	1,461.5	521.5	1.5	771.5	0.0
1. Available for sale securities	1.5	1.5	1.5	1.5	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	1,460.0	520.0	0.0	770.0	0.0
III. Short-term receivables	3,234.3	2,961.6	2,983.7	2,515.4	1,940.0
1. Short-term trade accounts receivable	3,213.7	2,952.5	2,979.1	2,503.1	0.0
2. Short-term prepayments to suppliers	0.7	0.7	0.7	0.7	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	209.3	197.7	193.2	200.7	0.0
7. Provision for short-term doubtful debts (*)	-189.3	-189.3	-189.3	-189.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	709.5	882.1	724.1	391.0	426.4
1. Inventories	709.5	882.1	724.1	391.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	110.8	149.3	77.4	30.7	11.0
1. Short-term prepayments	1.0	2.0	0.6	0.7	0.0
2. Value added tax to be reclaimed	80.8	123.6	49.5	0.0	0.0
3. Taxes and other receivables from state authorities	29.0	23.7	27.3	30.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,186.6	2,872.9	3,435.5	4,318.1	5,270.4
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,126.5	2,811.0	3,366.8	4,242.3	5,195.5
1. Tangible fixed assets	2,125.0	2,811.0	3,366.8	4,241.9	5,194.7
- Cost	21,067.2	21,207.4	21,196.6	21,190.5	0.0
- Accumulated depreciation	-18,942.1	-18,396.3	-17,829.8	-16,948.6	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.5	0.0	0.0	0.4	0.8
- Cost	6.4	6.8	7.0	7.0	0.0
- Accumulated depreciation	-4.9	-6.8	-7.0	-6.6	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	7.0	5.5	6.0	5.1	5.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	7.0	5.5	6.0	5.1	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	53.1	56.4	62.7	70.7	0.0
1. Long-term prepayments	4.0	4.6	4.4	5.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	49.0	51.8	58.3	65.6	0.0
4. Other long-term assets	—	0.0	0.0	0.0	69.8
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	7,775.4	7,422.9	7,379.9	8,050.6	8,805.1
A. LIABILITIES (300=210+330)	1,845.7	2,367.7	2,087.5	1,888.2	2,735.9
I. Short -term liabilities	1,810.6	2,245.0	1,864.7	1,566.9	1,326.1
1. Short-term trade accounts payable	1,212.7	1,434.7	1,158.7	606.8	435.8
2. Short-term advances from customers	0.0	0.0	1.0	0.0	0.0
3. Taxes and other payables to state authorities	163.3	20.8	7.9	2.2	0.0
4. Payable to employees	221.5	149.7	150.6	134.3	0.0
5. Short-term acrrued expenses	4.5	1.0	1.9	9.7	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	87.8	459.6	342.5	4.4	0.0
10. Short-term borrowings and financial leases	—	75.0	98.5	776.2	749.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	120.7	104.1	103.6	33.2	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	35.1	122.8	222.8	321.2	1,409.8
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	35.1	5.0	5.0	5.0	0.0
8. Long-term borrowings and financial leases	—	117.8	217.8	316.2	1,404.8
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	5,929.7	5,055.2	5,292.5	6,162.4	6,069.2
I. Owner's equity	5,929.7	5,055.2	5,292.5	6,162.4	0.0
1. Owner's capital	4,500.0	4,500.0	4,500.0	4,500.0	6,069.2
- Common stock with voting right	4,500,000,000,000.00	4,500,000,000,000.00	4,500,000,000,000.00	4,500,000,000,000.00	4,500,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	230.9	230.9	230.9	230.9	230.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	31.5	24.9	19.6	11.3	5.6
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	113.6	120.2	125.5	262.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,053.7	179.2	416.5	1,157.7	1,064.5
- Accumulated retained earning at the end of the previous period	17.8	9.9	0.0	393.6	984.1
- Undistributed earnings in this period	1,035.9	169.3	416.5	764.1	80.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	7,775.4	7,422.9	7,379.9	8,050.6	8,805.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,331.3	688.5	644.4	804.8	502.0
Depreciation of Fixed Assets and Investment Property	550.7	570.1	883.6	960.1	971.8
Provision (Increase)/Reversal	—	0.0	0.2	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.2	3.1	3.7	30.9	0.0
Gain/Loss from Investment Activities	-29.2	-6.6	-21.0	-33.5	0.0
Interest Expense	10.1	20.8	57.5	133.2	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1,865.2	1,275.9	1,568.4	1,895.6	1,595.2
Increase/(Decrease) in Receivables	-223.5	-45.3	-522.1	-491.6	0.0
Increase/(Decrease) in Inventory	174.7	-151.5	-325.8	37.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	102.8	336.4	573.6	240.7	0.0
Increase/(Decrease) in Prepaid Expenses	1.5	-1.6	0.8	-3.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-10.1	-20.8	-66.2	-141.3	0.0
Corporate Income Tax Paid	-149.9	-57.7	-20.0	-50.2	0.0
Other Operating Receipts	0.8	0.8	0.3	0.0	0.0
Other Operating Payments	-56.2	-69.1	-60.6	-49.5	0.0
Net Cash Flow from Operating Activities	1,705.2	1,267.0	1,148.5	1,437.9	1,792.3
Payments for Fixed Assets and Other Long-term Assets	-12.9	-74.1	-10.2	-4.3	-4.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.1	-0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-2,010.0	-750.0	0.0	-1,170.0	-2,230.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,070.0	230.0	770.0	1,350.0	1,780.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	17.2	3.5	27.8	40.9	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-935.5	-590.5	787.5	216.7	-407.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	-192.8	-123.5	-790.9	-1,117.4	-1,566.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-539.8	-675.2	-1,011.3	-719.0	-449.1
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-732.6	-798.6	-1,802.2	-1,836.5	-2,015.7
Net Cash Flow During the Period	37.2	-122.1	133.8	-181.9	-143.5
Cash and Cash Equivalents at Beginning of Period	35.5	157.7	23.9	205.8	836.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	72.7	35.5	157.7	23.9	205.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2,733.9	2,953.2	2,056.4	2,864.0	2,912.2	2,884.1	2,386.3	3,628.2	3,009.8	2,847.2	2,507.4	3,708.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2,733.9	2,953.2	2,056.4	2,864.0	2,912.2	2,884.1	2,386.3	3,628.2	3,009.8	2,847.2	2,507.4	3,708.4
Cost of Goods Sold	2,481.5	1,998.4	1,992.1	2,596.9	2,672.5	2,636.0	2,273.2	3,417.0	2,725.8	2,568.5	2,444.8	3,409.0
Gross Profit	252.4	954.8	64.2	267.1	239.7	248.1	113.2	211.2	284.0	278.7	62.6	299.4
Financial Income	17.0	15.5	8.0	2.1	3.5	5.4	0.9	0.1	0.1	2.5	2.9	2.0
Financial Expenses	—	70.0	2.6	4.8	4.1	6.5	3.2	6.7	8.6	13.2	28.7	16.4
Interest Expense	—	1.1	2.2	3.3	3.6	4.3	5.1	5.4	6.0	9.0	13.2	16.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	21.7	44.2	27.6	25.4	23.3	41.3	25.4	25.3	22.7	45.5	23.3	22.7
Operating Profit	247.7	856.0	42.0	239.0	215.9	205.8	85.5	179.3	252.9	222.6	13.5	262.3
Other Income	0.4	1.1	0.6	0.8	1.5	2.0	0.4	0.5	0.4	1.1	0.2	0.9
Other Expenses	1.4	2.0	1.3	1.5	1.5	1.6	1.3	1.6	1.5	1.9	1.5	1.8
Other Profit	-1.1	-0.9	-0.7	-0.8	0.0	0.4	-0.9	-1.1	-1.2	-0.8	-1.2	-0.8
Profit Before Tax	246.6	855.2	41.3	238.3	215.9	206.2	84.6	178.2	251.7	221.8	12.3	261.5
Current Income Tax Expense	49.4	200.1	8.3	47.7	43.3	20.9	8.5	17.9	25.2	11.2	0.7	13.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	197.2	655.1	33.0	190.6	172.6	185.3	76.1	160.4	226.5	210.6	11.6	248.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	197.2	655.1	33.0	190.6	172.6	185.3	76.1	160.4	226.5	210.6	11.6	248.4
Earnings per Share	438.00	1,456.00	73.00	423.00	384.00	412.00	169.00	356.00	503.00	468.00	26.00	552.00
Diluted EPS	438.27	1,455.76	73.34	423.48	383.60	411.80	169.14	356.39	503.35	467.93	25.86	551.97

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,173.5	5,588.8	4,373.5	4,379.5	4,258.2	4,549.3	4,237.9	4,090.6	3,893.2	3,946.2	3,751.6	3,978.4
I. Cash and cash equivalents	79.2	72.7	55.4	32.2	24.9	35.5	31.9	77.5	30.7	157.7	260.3	473.5
1. Cash	79.2	72.7	55.4	32.2	24.9	35.5	31.9	77.5	30.7	45.7	60.3	23.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	112.0	200.0	450.0
II. Short-term financial investments	1,026.5	1,461.5	1,031.5	421.5	101.5	521.5	331.5	1.5	1.5	1.5	1.5	1.5
1. Available for sale securities	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	1,025.0	1,460.0	1,030.0	420.0	100.0	520.0	330.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	3,261.6	3,234.3	2,288.1	2,850.4	3,074.4	2,963.6	2,763.6	3,066.4	3,059.1	2,983.6	2,716.3	2,907.2
1. Short-term trade accounts receivable	3,240.5	3,213.7	2,274.3	2,840.2	3,064.0	2,952.5	2,757.6	3,058.0	3,032.8	2,979.0	2,704.0	2,899.6
2. Short-term prepayments to suppliers	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	3.6	0.7	9.3	4.3
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	209.8	209.3	202.5	198.9	199.1	199.8	194.7	197.0	212.0	193.2	192.2	192.4
7. Provision for short-term doubtful debts (*)	-189.3	-189.3	-189.3	-189.3	-189.3	-189.3	-189.3	-189.3	-189.3	-189.3	-189.1	-189.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	716.8	709.5	822.1	923.8	905.2	882.5	992.0	846.5	740.4	725.9	719.7	565.1
1. Inventories	716.8	709.5	822.1	923.8	905.2	882.5	992.0	846.5	740.4	725.9	719.7	565.1
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	89.3	110.8	176.4	151.6	152.2	146.2	118.9	98.7	61.6	77.5	53.8	31.2
1. Short-term prepayments	2.5	1.0	1.2	1.5	1.4	2.0	0.3	0.2	0.0	0.6	0.1	0.0
2. Value added tax to be reclaimed	56.8	80.8	146.4	126.4	127.1	120.5	94.9	74.7	34.5	49.6	0.0	0.0
3. Taxes and other receivables from state authorities	30.1	29.0	28.9	23.7	23.7	23.7	23.7	23.7	27.1	27.3	53.7	31.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,071.1	2,186.6	2,483.2	2,595.4	2,734.2	2,906.7	3,015.9	3,154.7	3,309.0	3,436.3	3,688.5	3,872.4
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,011.8	2,126.5	2,401.4	2,537.0	2,674.0	2,811.0	2,940.6	3,079.6	3,217.6	3,368.0	3,583.4	3,798.4
1. Tangible fixed assets	2,010.4	2,125.0	2,400.1	2,536.8	2,673.8	2,811.0	2,940.6	3,079.6	3,217.6	3,368.0	3,583.3	3,798.2
- Cost	21,071.2	—	—	—	—	21,207.4	21,197.8	21,197.6	21,196.4	21,197.8	21,195.4	21,191.3
- Accumulated depreciation	-19,060.7	—	—	—	—	-18,396.3	-18,257.2	-18,118.0	-17,978.8	-17,829.8	-17,612.1	-17,393.1
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.4	1.5	1.4	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.1	0.2
- Cost	6.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	6.4	7.0	29.0	5.5	5.5	39.3	14.9	14.9	29.2	5.6	40.7	5.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	6.4	7.0	29.0	5.5	5.5	39.3	14.9	14.9	29.2	5.6	40.7	5.6
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	52.9	53.1	52.8	52.9	54.7	56.4	60.4	60.2	62.2	62.7	64.4	68.4
1. Long-term prepayments	4.0	4.0	3.7	3.5	3.8	4.6	4.4	4.1	3.6	4.4	2.5	3.8
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	48.9	49.0	49.2	49.4	50.8	51.8	56.0	56.1	58.6	58.3	62.0	64.6
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	7,244.6	7,775.4	6,856.8	6,974.9	6,992.4	7,456.0	7,253.8	7,245.2	7,202.2	7,382.5	7,440.1	7,850.8
A. LIABILITIES (300=210+330)	1,567.7	1,830.3	1,566.7	1,717.9	1,764.6	2,370.3	1,903.4	1,763.6	1,811.9	2,216.1	2,018.1	2,440.4
I. Short -term liabilities	1,532.6	1,795.2	1,519.0	1,695.1	1,666.9	2,247.6	1,755.6	1,590.9	1,614.1	1,993.4	1,746.8	2,169.1
1. Short-term trade accounts payable	1,092.6	1,212.8	843.8	975.9	1,273.1	1,434.9	1,078.1	986.1	1,199.0	1,158.0	715.4	695.2
2. Short-term advances from customers	0.0	0.0	—	—	—	0.0	0.0	0.0	0.0	1.0	0.0	0.0
3. Dividends and profits payable	4.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	42.8	167.3	23.9	53.8	39.9	24.2	10.0	15.8	26.7	8.1	0.0	1.8
4. Payable to employees	49.1	202.4	104.1	86.7	55.7	152.1	94.8	79.5	53.6	150.8	71.4	59.5
5. Short-term acrrued expenses	143.2	4.2	304.4	229.5	118.2	1.0	356.8	266.7	140.1	1.9	380.4	268.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	102.5	87.8	60.0	97.5	8.4	456.2	5.7	6.2	5.1	471.2	6.7	568.7
10. Short-term borrowings and financial leases	—	—	50.0	100.0	75.0	75.0	88.5	98.5	104.7	98.5	450.0	438.4
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	98.4	120.7	132.7	151.8	96.4	104.1	121.7	138.0	84.9	103.8	123.0	137.5
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	35.1	35.1	47.8	22.8	97.8	122.8	147.8	172.8	197.8	222.8	271.3	271.3
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	35.1	35.1	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0
8. Long-term borrowings and financial leases	—	—	42.8	17.8	92.8	117.8	142.8	167.8	192.8	217.8	266.3	266.3
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	5,676.9	5,945.1	5,290.0	5,257.0	5,227.8	5,085.7	5,350.4	5,481.6	5,390.3	5,166.3	5,422.0	5,410.4
I. Owner's equity	5,676.9	5,945.1	5,290.0	5,257.0	5,227.8	5,085.7	5,350.4	5,481.6	5,390.3	5,166.3	5,422.0	5,410.4
1. Owner's capital	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0
- Common stock with voting right	4,500,000,000,000.00	4,500,000,000,000.00	4,500,000,000,000.00	4,500,000,000,000.00	4,500,000,000,000.00	4,500,000,000,000.00	4,500,000,000,000.00	4,500,000,000,000.00	4,500,000,000,000.00	4,500,000,000,000.00	4,500,000,000,000.00	4,500,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	230.9	230.9	230.9	230.9	230.9	230.9	230.9	230.9	230.9	230.9	230.9	230.9
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	34.2	24.9	26.8	25.5	25.5	24.9	23.9	23.8	22.6	20.8	17.1	13.2
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	110.9	120.2	118.3	119.6	119.6	120.2	121.2	121.4	122.6	124.3	256.7	260.6
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	800.9	1,069.1	414.0	381.0	351.8	209.7	474.4	605.6	514.3	290.3	417.3	405.7
- Accumulated retained earning at the end of the previous period	603.7	414.0	381.0	190.4	179.2	474.4	398.3	445.2	287.8	403.9	405.6	157.3
- Undistributed earnings in this period	197.2	655.1	33.0	190.6	172.6	-264.7	76.1	160.4	226.5	-113.6	11.6	248.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	7,244.6	7,775.4	6,856.8	6,974.9	6,992.4	7,456.0	7,253.8	7,245.2	7,202.2	7,382.5	7,440.1	7,850.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	246.6	835.8	41.3	238.3	215.9	206.2	84.6	179.9	251.7	219.1	12.3	261.4
Depreciation of Fixed Assets and Investment Property	118.6	138.0	137.6	137.6	137.5	139.1	139.1	139.1	152.8	218.8	219.0	219.1
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.4	0.5	-0.3	1.5	0.5	2.2	-2.0	1.4	1.5	-12.2	15.4	4.2
Gain/Loss from Investment Activities	-16.6	-15.6	-8.0	-2.1	-3.5	-5.4	-0.9	-0.1	-0.2	-2.4	-2.9	-4.3
Interest Expense	—	1.1	2.2	3.3	3.6	4.3	5.1	5.4	6.0	9.0	13.2	16.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	348.2	959.8	172.9	378.5	354.0	346.3	226.0	325.6	411.8	432.5	257.1	496.5
Increase/(Decrease) in Receivables	-3.8	-873.0	542.5	225.5	-118.6	-223.1	283.4	-44.2	-60.4	-314.1	191.7	232.9
Increase/(Decrease) in Inventory	-7.2	112.0	101.9	-17.1	-22.1	113.6	-144.1	-104.8	-16.6	-0.8	-152.0	71.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-133.1	407.7	-11.0	-161.1	-132.9	26.9	199.9	-45.3	52.5	224.7	72.5	21.9
Increase/(Decrease) in Prepaid Expenses	-1.5	-0.2	0.2	0.2	1.4	-1.8	-0.3	-0.8	1.4	-2.4	1.2	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-1.1	-2.2	-3.3	-3.5	-4.5	-5.8	-4.9	-5.5	-20.8	-6.8	-31.1
Corporate Income Tax Paid	-170.0	-56.7	-38.2	-30.0	-25.0	-9.0	-15.0	-27.2	-6.5	0.0	0.0	0.0
Other Operating Receipts	0.0	—	—	—	—	0.0	0.7	0.1	0.0	0.3	0.0	0.0
Other Operating Payments	-23.4	-12.0	-20.7	-15.9	-7.6	-17.5	-17.0	-15.9	-18.7	-18.7	-14.6	-16.5
Net Cash Flow from Operating Activities	9.3	536.6	746.2	376.8	45.7	231.0	527.8	82.6	358.0	300.8	349.1	775.1
Payments for Fixed Assets and Other Long-term Assets	-4.4	-4.3	-0.5	-0.6	-7.5	-1.0	0.0	-4.5	-0.9	-0.8	-3.5	-1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	-0.0	—	—	0.0	0.0	0.0	0.1	-0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-325.0	-800.0	-790.0	-420.0	—	-420.0	-330.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	760.0	370.0	180.0	100.0	420.0	230.0	0.0	0.0	0.0	0.0	0.0	270.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	15.9	7.6	2.6	1.3	5.7	2.6	0.4	0.1	0.5	2.2	2.9	13.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	446.5	-426.5	-607.9	-319.3	418.2	-188.5	-329.6	-4.4	-0.4	1.3	-0.6	281.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-92.8	-25.0	-50.0	-25.0	-38.5	-35.0	-31.2	-18.7	-404.4	0.0	-386.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-449.3	-0.1	-90.1	-0.2	-449.5	-0.4	-208.8	-0.1	-465.9	-0.3	-561.7	-224.7
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-449.3	-92.8	-115.1	-50.2	-474.5	-38.9	-243.8	-31.3	-484.6	-404.6	-561.7	-611.3
Net Cash Flow During the Period	6.5	17.3	23.2	7.3	-10.7	3.6	-45.6	46.8	-127.0	-102.6	-213.2	445.7
Cash and Cash Equivalents at Beginning of Period	72.7	55.4	32.2	24.9	35.5	157.7	157.7	157.7	157.7	23.9	23.9	23.9
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	79.2	72.7	55.4	32.2	24.9	35.5	31.9	77.5	30.7	157.7	260.3	473.5

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QTP

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